China Dev Bank to issue bonds on stock exchange for first time on Dec 27 - sources
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SHANGHAI, Dec 18 (Reuters) - China Development Bank (CDB) will issue bonds on the Shanghai Stock Exchange for the first time on Dec. 27, four sources with direct knowledge told Reuters, marking the first time a policy bank has issued bonds on the open bond market.
By doing so, the bank will contribute to building the country's fixed income market and help integrate the interbank market -- which is closed to direct participation by ordinary investors -- with the retail bond market hosted by the Shanghai stock exchange.
One of the sources said the CDB will issue approximately 10 billion yuan ($1.65 billion) of bonds in two-year and five-year tenors.
They said the relevant authorities have already approved the issue, and they expect the formal notice to be published on Dec. 25, with trading to begin in January.
The CDB is already a major issuer on the interbank market, having already issued some 1.04 trillion yuan worth of financial bonds this year, more than the other two major policy banks combined.
China also said in November that it would let listed banks issue bonds on domestic stock exchanges; previously commercial banks were also restricted to issuing only in the interbank market.
($1 = 6.0710 Chinese yuan)
(Reporting by Pete Sweeney; Editing by Jacqueline Wong) Keywords: CHINA BONDS/CDB
([email protected])(+86 21 6104 1777 / +86 158 2104 8958)(Reuters Messaging: [email protected])
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